Airlines transfer part of their revenues obtained in Angola

6 June 2018

The revenues of airlines retained in Angola due to the inability to obtain foreign currency increased from US$500 million to US$386 million, a step that was welcomed by the director general and chief executive of the International Air Transport Association (IATA).

Alexandre de Juniac, in a statement issued in Sydney, Australia, called on the Angolan government to continue cooperating with airlines to further reduce the problem of retained earnings and recalled that the country is second on a list led by Venezuela, where revenues of US$3.78 billion are retained.

Third place on the IATA list is occupied by Sudan, with US$170 million, Bangladesh with US$95 million and Zimbabwe with US$76 million.

Airlines had US$4.9 billion in retained revenues in 16 countries at the end of 2017, a year-on-year drop of 7.0%, with IATA reporting that Nigeria has solved the problem of retention of US$500 million.

De Juniac said last January on the sidelines of an international civil aviation conference in Luanda that airlines had US$540 million withheld in Angola due to the inability to obtain foreign exchange to repatriate revenues.

The IATA Chief Executive stressed at the time that the inability of airlines to repatriate their revenues may lead to them cutting Angola as a destination. (macauhub)